In just one reminder of the extraordinary moment in economic history in which we are living, the central banks of the eurozone, as well as Japan, Switzerland, Denmark, and Sweden, have pushed their lending rates below zero — banks actually have to pay a fee to deposit money at the central bank. In some major countries, Germany and Japan among them, investors pay a fee to lend to the government instead of collecting interest. Once a fantasy of a few academic economists, negative interest rates are now seen as a tool available to monetary policymakers at times of very low inflation. But they remain controversial: are negative rates a prudent and potent response to today’s lackluster economy? Or do they squeeze bank profits and hurt lending, confuse investors and consumers, and smack of desperation?

Today, the Hutchins Center on Fiscal and Monetary Policy at Brookings is examining the recent experience with negative interest rates, particularly in Europe, and their possible use in the U.S. Participants include prominent economists from European central banks and Wall Street, as well as several academics, and former Federal Reserve Chairman Ben Bernanke, now a distinguished fellow in residence at Brookings.

We will provide a light lunch for event attendees. You can join the conversation and tweet questions for the panelists at #NegativeRates.